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Business Insider's personal finance team compared United Wholesale Mortgage to the best mortgage lenders and found it to be a strong lender that offers a wide range of mortgages to suit different borrowers' needs. It's one of the largest lenders in the country, and it ranks highly in customer satisfaction.
But UWM is a wholesale lender, so you'll only be able to get a mortgage from this lender by working with a mortgage broker. Instead of reaching out to UWM directly, you'll get started with a broker who will show you loan options from a variety of lenders.
620
3%
Conforming, FHA, VA, USDA, jumbo, construction, bank statement, DSCR, HELOC, 0% Down Purchase
- Wide range of mortgage options
- Has 0% down option
- Hybrid and virtual closing capability
- Multiple jumbo loan options
- Only available through a broker
- High average rates
- Can’t explore rates online
United Wholesale Mortgage is one of the largest mortgage lenders in the country. It offers a large range of mortgages to suit many different borrowers’ needs, and it ranks high in customer satisfaction for its servicing. But UWM is a wholesale lender, so you’ll only be able to get a mortgage from this lender by working with a mortgage broker.
- Not a direct lender — you’ll need to work with a broker to get a mortgage from this lender
- Offers jumbo loan amounts up to $3.5 million
- Available in all 50 states and Washington, DC
- Minimum credit score and down payment displayed are for conforming mortgages
Overview of United Wholesale Mortgage
Wholesale Lender
United Wholesale Mortgage is a wholesale lender. To get a mortgage from this lender, you'll need to work with a mortgage broker.
Mortgage brokers work with borrowers to compare loan options from many different mortgage lenders and, once the borrower has decided on a lender, guide them through the approval process.
Large Lender Available Nationwide
UWM is one of the largest mortgage lenders in the country, and its mortgages are available in all 50 states and Washington, DC.
United Wholesale Mortgage Products and Services
Home Purchase Loans
UWM has a variety of conventional and government-backed options that can be used to help you purchase a home.
Most homebuyers prefer conforming loans, and UWM has multiple conforming loan options, including Fannie Mae and Freddie Mac-backed programs that can help first-time and low-income borrowers buy a home. Conforming loans allow down payments as low as 3%.
UWM also offers temporary buydowns on some of its purchase loans.
Refinancing Options
UWM has both rate-and-term and cash-out refinance options, including loans for borrowers with little equity.
FHA, VA, and USDA Loans
UWM's government-backed mortgage options include:
- FHA loans: A good option for first-time and low-income homebuyers, allow credit scores down to 580 and down payments of just 3.5%
- VA loans: Available for military members and veterans who meet service requirements, put 0% down with credit scores down to 580
- USDA loans: Zero-down mortgages in rural and some suburban areas, but you'll need a credit score of at least 620
Jumbo Loans
Jumbo loan options at UWM go up to $3.5 million, but you'll need a credit score of 660 or higher to qualify.
Construction Loans
UWM offers one-time close construction loans for borrowers looking to build a new home. It has both a conventional and VA option.
0% Down Purchase
The lender's 0% Down Purchase program provides borrowers with a 3% down payment in the form of a zero-interest down payment assistance loan of up to $15,000. The loan is deferred until you sell or refinance.
Non-QM Loans
Non-QM loans are more expensive than traditional mortgages, but they can be a good choice for borrowers who don't qualify for other types of loans. UWM offers:
- Bank statement mortgages, which allow self-employed borrowers to use their bank statements to show income, rather than tax returns
- DSCR mortgages, or debt service coverage ratio loans, which allow borrowers to purchase an investment property using the expected cash flow from the property to qualify
Home Equity Lines of Credit
UWM has a few HELOC options, including traditional HELOCs and a piggyback HELOC, which is taken out with your main mortgage to help cover your down payment.
UWM Customer Service and Support
As you go through the origination process, you'll work with your mortgage broker, so you won't need to use the lender's customer service. However, if UWM services your loan after closing (meaning you make your monthly payments to UWM), you can reach out to the company's customer service if you have questions.
You can use UWM's servicing website to make mortgage payments or see your loan details. If you need to talk to someone, the lender's customer service line is open Monday through Friday from 8:30 a.m. until 8 p.m. ET.
United Wholesale Mortgage Interest Rates and Fees
Based on our review of HMDA data, we found UWM's mortgage rates to be slightly higher than average.
United Wholesale Mortgage doesn't let consumers view its current rates online. To find out what rate you might get with this lender, you'll need to get preapproved through a mortgage broker.
However, a benefit of working with a broker is that you'll get to compare rates from multiple lenders that you qualify with, meaning you can see if there's another lender that can offer a better rate.
In 2022, the average borrower getting a conventional mortgage from this lender paid $4,455 in origination charges, according to HMDA data. This is around average compared to other lenders.
United Wholesale Mortgage Overall Rating
Loan Types: 5 out of 5
UWM offers a wide variety of mortgages that should meet most borrowers' needs, including HELOCs and more niche types of loans, like construction loans and bank statement mortgages.
Affordability: 4 out of 5
We think UWM offers affordability for borrowers who don't have a ton of cash for a down payment, thanks to its multiple low and no down payment mortgage options. But its average rates are a bit high.
Customer Satisfaction: 4.5 out of 5
In J.D. Power's 2024 U.S. Mortgage Servicer Satisfaction Study, which measures how satisfied borrowers are with their mortgage servicers (the entities that they work with after closing to make their monthly mortgage payments), UWM ranked above the industry average.
However, it's important to note that much of your satisfaction will depend on how good your mortgage broker is.
Trustworthiness: 5 out of 5
United Wholesale Mortgage currently has no rating from the Better Business Bureau because its profile is being updated. But in the past, it's had an A+ rating. BBB ratings are based on responses to customer complaints, honesty in advertising, and transparency about business practices.
UWM has no recent public controversies.
Pros and Cons of United Wholesale Mortgage
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Variety of Low and No Down Payment Products
In addition to its conventional and government-backed mortgage options which allow between 0% and 3.5% down, UWM also has a program that allows borrowers to use a second mortgage of up to $15,000 to cover their down payment.
Keep in mind that you'll have to pay back this loan once you sell or refinance, and that you'll still have to pay closing costs. It can also be risky to start with so little equity in your home; if market values dip a little bit, you could end up underwater on your mortgage.
Hybrid and Virtual Closing Options
More and more lenders are offering remote closing options, and UWM has both hybrid and virtual closings available to borrowers who are getting an eligible loan and live in a state that allows it. With a hybrid closing, you'll sign most of your documents ahead of time, so your closing appointment should be much shorter. Virtual closings allow the whole process to be completed remotely.
Somewhat High Average Rates
We found UWM's average rates to be slightly high compared to other lenders. While many borrowers work with mortgage brokers and wholesale lenders in the hopes of getting a lower rate, we found UWM's average rates to be comparable to or higher than many of the direct lenders we've reviewed.
UWM Customer Reviews and Ratings
Because UWM is a wholesale lender, you won't find many reviews from borrowers talking about the origination process, since that can vary depending on the broker you're working with.
Positive Reviews From Servicing Customers
On the lender's WalletHub page, UWM has a 4.3 out of 5-star rating based on over 2,000 online customer reviews. Borrowers whose loans are being serviced by UWM generally have positive things to say about the company, noting that it's easy to make payments and the customer service is friendly and helpful.
Negative Reviews
Some of the negative reviews we looked at suggested that some borrowers have issues with the company's customer service, and that they had difficulty getting ahold of someone who could fix their problems.
How to Find a Great Mortgage Broker
Since you won't get a mortgage directly from this lender, how can you ensure that you're working with a trustworthy broker that provides good customer service? Start by gathering information on mortgage brokers near you. You can search online or ask for recommendations from friends, family, or neighbors. Your real estate agent may also have recommendations.
Then, read online reviews and reach out to brokers you're considering to ask about their experience and process.
How to Apply With United Wholesale Mortgage
A broker that offers UWM loans will help you apply with this lender. Your broker will get an understanding of your finances and what your goals are and walk you through your options.
It can be helpful to gather your documentation before you even start the application process. When you apply for a mortgage, you'll typically need paystubs, W-2s, tax returns, bank statements, and other documents showing your income and assets. Having that all ready ahead of time can help the process go more smoothly.
How United Wholesale Mortgage Compares
United Wholesale Mortgage vs. Rocket Mortgage
Longtime rivals Rocket Mortgage and United Wholesale Mortgage are both standouts in the mortgage industry: Rocket was the No. 1 largest lender in the U.S. in 2022 by number of loans originated; UWM was No. 2, according to HMDA data.
If customer service is important to you, Rocket Mortgage may be the better option. Rocket Mortgage is a direct lender and ranks high in customer satisfaction. In 2023, it earned the No. 2 spot in J.D. Power's U.S. Mortgage Origination Satisfaction Study. However, if being able to choose from a wide range of mortgage options is important to you, you might prefer to work with a broker that offers UWM products.
United Wholesale Mortgage vs. Guild Mortgage
Both Guild Mortgage and United Wholesale Mortgage are good options if you're looking for a lender that offers a streamlined closing process, since both have hybrid closing options. But Guild doesn't offer a fully virtual closing experience, while UWM does.
UWM might also be a better option for investors or self-employed borrowers, thanks to its DSCR and bank statement loans. For borrowers with low or no credit score, Guild will likely be the better option. Guild Mortgage allows lower credit scores and will even consider borrowers with no traditional credit score through its Complete Rate program.
United Wholesale Mortgage FAQs
Yes, United Wholesale Mortgage is one of the leading mortgage lenders in the country. The company was founded in 1986.
United Wholesale Mortgage has many loan options to choose from, including conventional, government-backed, jumbo, non-QM, and construction loans. It has both purchase and refinance loans, and fixed-rate and ARM options. It also offers HELOCs.
You can't apply for a mortgage directly from UWM. As a wholesale lender, UWM works with many different mortgage brokers around the country, who can then offer UWM mortgages to borrowers in addition to mortgages from other lenders.
You'll need a 620 credit score to qualify for a conventional loan from United Wholesale Mortgage, but requirements may vary depending on the type of mortgage you want.
Some lenders, once your mortgage is closed, will sell the servicing rights to a different entity. This means that the company you make your monthly payments to may not be the same one you originally got your mortgage from. United Wholesale Mortgage does service some of its loans, so it's possible you'll make your monthly payments to UWM after closing. But it's also possible your loan servicing rights will be sold and you'll work with a different company post-closing.
To find a broker who works with UWM, you can ask any brokers you're considering working with if they sell UWM loans.
No, UWM doesn't always have the best rates. In fact, we found that its average rates are a bit high, according to HMDA data.
Why You Should Trust Us: How We Reviewed United Wholesale Mortgage
To review United Wholesale Mortgage, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
